B&W Awarded Replacement Steam Generators Contract by Bruce Power
August 09 2007 - 8:00AM
Business Wire
McDermott International, Inc. (NYSE:MDR) announced today that a
subsidiary of The Babcock & Wilcox Company (�B&W�) has been
awarded a contract by Bruce Power, valued at approximately $90
million, to engineer, manufacture and install eight replacement
steam generators for the Bruce A Nuclear Power Plant, Unit 3. The
steam generators will be engineered and manufactured at B&W�s
Cambridge, Ontario facility and will be installed in Unit 3 as part
of the ongoing, $4 billion Bruce A Restart and Refurbishment
project. In 2005, Bruce Power and B&W signed a similar
agreement to engineer, manufacture and install 16 replacement steam
generators for Bruce A Units 1 and 2. To date, four of those
generators have been installed in Unit 2. �This contract re-affirms
B&W�s reputation as a key player in North America�s revitalized
nuclear industry,� said John A. Fees, Chief Executive Officer of
The Babcock & Wilcox Companies. �A contract of this magnitude
demonstrates Bruce Power�s level of confidence in B&W. Our
experience and stellar reputation for meeting our customers� needs
helped to secure this significant contract.� McDermott is an
engineering and construction company, with specialty manufacturing
and service capabilities, focused on energy infrastructure.
McDermott�s customers are predominantly utilities and other power
generators, major and national oil companies, and the United States
Government. With its global operations, McDermott operates in over
20 countries with more than 20,000 employees, and can be found on
the internet at www.mcdermott.com. In accordance with the Safe
Harbor provisions of the Private Securities Litigation Reform Act
of 1995, McDermott International, Inc. cautions that statements in
this press release which are forward-looking and provide other than
historical information involve risks and uncertainties that may
impact McDermott�s actual results of operations. The
forward-looking statements in this press release include, among
other things, the value and work scope associated with the Bruce
Power project. Although McDermott�s management believes that the
expectations reflected in those forward-looking statements are
reasonable, McDermott can give no assurance that those expectations
will prove to have been correct. Those statements are made based on
various underlying assumptions and are subject to numerous
uncertainties and risks, including without limitation currency
exchange rates, potential change orders and other modifications to
contracts. If one or more of these risks materialize, or if
underlying assumptions prove incorrect, actual results may vary
materially from those expected. For a more complete discussion of
these risk factors, please see McDermott�s annual report on Form
10-K for the year ended December 31, 2006 filed with the Securities
and Exchange Commission.
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